For the quarter ended December 31,
2022
(Compared to the quarter ended December 31,
2021)
– Travel Restrictions and Reduced Visitation Continue to
Impact Financial Results
– The Recovery at Marina Bay Sands Continued to Progress
During the Quarter, with Mass Gaming Revenue Reaching an All-Time
Property Record
– Ongoing Investments in Both Macao and Singapore
Position the Company for Future Growth
– Support for Local Communities Remains Central to Our
Efforts
LAS
VEGAS, Jan. 25, 2023 /PRNewswire/ -- Las Vegas
Sands Corp. (NYSE: LVS), the world's leading developer and operator
of convention-based Integrated Resorts, today reported financial
results for the quarter ended December 31,
2022.
"While travel restrictions and reduced visitation continued to
impact our financial performance during the quarter, we remain
confident in a robust recovery in travel and tourism spending
across our markets and deeply enthusiastic about the opportunity to
welcome more guests back to our properties throughout 2023 and in
the years ahead," said Robert G.
Goldstein, chairman and chief executive officer.
"In Singapore, we were pleased to see the robust recovery
continue at Marina Bay Sands during the quarter, with the property
delivering record levels of performance in both mass gaming and
retail revenue. We are excited to have the opportunity to
introduce our new suite product to more customers as airlift
capacity improves and growth in visitation from China and the wider region is enabled by
the relaxing of travel restrictions."
"In Macao, we were gratified to receive a new gaming concession
during the quarter, which will enable us to continue our
decades-long commitment to making investments that enhance the
business and leisure tourism appeal of Macao and support its development as a world
center of business and leisure tourism. We remain deeply
confident in the future of Macao
and consider Macao an ideal market
for additional capital investment."
"Looking ahead, our industry-leading investments in our team
members, our communities and our market-leading Integrated Resort
offerings position us exceedingly well to deliver growth as travel
restrictions are further relaxed and the recovery comes to
fruition. We are fortunate that our financial strength
supports our ongoing investment and capital expenditure programs in
both Macao and Singapore, as well as our pursuit of growth
opportunities in new markets."
Net revenue was $1.12 billion, an
increase of 10.8% from the prior year quarter. Operating loss
was $166 million, compared to
$138 million in the prior year
quarter. Net loss from continuing operations in the fourth
quarter of 2022 was $269 million,
compared to $315 million in the
fourth quarter of 2021.
Consolidated adjusted property EBITDA was $222 million, compared to $251 million in the prior year quarter.
Consolidated hold-normalized adjusted property EBITDA was
$329 million, compared to
$234 million in the prior year
quarter.
Full year 2022 operating loss was $792
million, compared to $689
million in 2021. Net income attributable to Las Vegas Sands
was $1.83 billion, or $2.40 per diluted share, in 2022 and included a
$3.60 billion gain on sale of our
Las Vegas real property and
operations. This compared to a net loss of $961 million, or $1.26 per diluted share, in 2021.
Sands China Ltd. Consolidated Financial Results
On a
GAAP basis, total net revenues for SCL decreased 31.7%, compared to
the fourth quarter of 2021, to $439 million. Net loss
for SCL was $348 million, compared to
$245 million in the fourth quarter of
2021.
On a GAAP basis, full year 2022 total net revenues for SCL
decreased 44.2%, compared to the full year 2021, to
$1.61 billion. Net loss for SCL
was $1.58 billion in 2022, compared
to $1.05 billion in 2021.
Other Factors Affecting Earnings
Interest expense, net
of amounts capitalized, was $201
million for the fourth quarter of 2022, compared to
$152 million in the prior year
quarter. Our weighted average borrowing cost in the fourth
quarter of 2022 was 5.2%, compared to 4.2% during the fourth
quarter of 2021, while our weighted average debt balance increased
compared to the prior year quarter due to borrowings of
$1.20 billion under the SCL
Credit Facility in the last year.
Our income tax benefit for the fourth quarter of 2022 was
$18 million, compared to income tax
expense of $14 million in the prior
year quarter. We had income tax expense of $154 million in 2022 as compared to an income tax
benefit of $5 million in the prior
year. The income tax expense for 2022 is due to the increased
profitability of our Singapore
operations and Singapore's 17%
statutory rate.
Balance Sheet Items
Unrestricted cash balances as of
December 31, 2022 were $6.31 billion.
The company has access to $2.48 billion available for borrowing under
our U.S., SCL and Singapore
revolving credit facilities, net of outstanding letters of
credit.
As of December 31, 2022, total
debt outstanding, excluding finance leases and financed purchases,
was $15.95 billion.
Capital Expenditures
Capital expenditures during the
fourth quarter totaled $147 million,
including construction, development and maintenance activities of
$93 million at Marina Bay Sands,
$44 million in Macao and $10
million in Corporate and Other.
Conference Call Information
The company will host a
conference call to discuss the company's results on Wednesday,
January 25, 2023 at 1:30 p.m. Pacific
Time. Interested parties may listen to the conference
call through a webcast available on the company's website at
www.sands.com.
About Sands (NYSE: LVS)
Sands is the world's
preeminent developer and operator of world-class Integrated
Resorts.
Our iconic properties drive valuable leisure and business
tourism and deliver significant economic benefits, sustained job
creation, financial opportunities for local businesses and
community investment to help make our host regions ideal places to
live, work and visit.
Sands' portfolio of properties includes Marina Bay Sands in
Singapore and The Venetian Macao,
The Plaza and Four Seasons Hotel Macao, The Londoner Macao, The
Parisian Macao and Sands Macao in
Macao SAR, China, through majority
ownership in Sands China Ltd.
Sands is dedicated to being a leader in corporate
responsibility, anchored by our core tenets of serving people,
planet and communities. Our ESG leadership has led to
inclusion on the Dow Jones Sustainability Indices for World and
North America and recognition as
one of Fortune's World's Most Admired Companies. To learn
more, visit www.sands.com.
Forward-Looking Statements
This press release contains
forward-looking statements made pursuant to the Safe Harbor
Provisions of the Private Securities Litigation Reform Act of
1995. These forward-looking statements include the
discussions of our business strategies and expectations concerning
future operations, margins, profitability, liquidity and capital
resources. In addition, in certain portions included in this
press release, the words "anticipates," "believes," "estimates,"
"seeks," "expects," "plans," "intends" and similar expressions, as
they relate to our company or management, are intended to identify
forward-looking statements. Although we believe these
forward-looking statements are reasonable, we cannot assure you any
forward-looking statements will prove to be correct.
Forward-looking statements involve a number of risks, uncertainties
or other factors beyond the company's control, which may cause
material differences in actual results, performance or other
expectations. These factors include, but are not limited to:
the uncertainty of the extent, duration and effects of the COVID-19
pandemic and the response of governments and other third parties,
including government-mandated property closures, vaccine mandates,
regular testing requirements, other increased operational
regulatory requirements or travel restrictions, on our business,
results of operations, cash flows, liquidity and development
prospects; risks relating to our gaming license in Singapore and new concession in Macao and amendments to Macao's gaming laws; general economic
conditions; disruptions or reductions in travel and our operations
due to natural or man-made disasters, pandemics, epidemics, or
outbreaks of infectious or contagious diseases; our ability to
invest in future growth opportunities, execute our capital
expenditure programs in Singapore,
and produce future returns; new development, construction and
ventures; government regulation; the extent to which the laws and
regulations of mainland China
become applicable to our operations in Macao and Hong
Kong; the possibility that economic, political and legal
developments in Macao adversely
affect our Macao operations, or
that there is a change in the manner in which regulatory oversight
is conducted in Macao; our
subsidiaries' ability to make distribution payments to us;
substantial leverage and debt service; fluctuations in currency
exchange rates and interest rates; our ability to collect gaming
receivables; win rates for our gaming operations; risk of fraud and
cheating; competition; tax law changes; political instability,
civil unrest, terrorist acts or war; legalization of gaming;
insurance; the collectability of our outstanding loan receivable;
limitations on the transfers of cash to and from our subsidiaries;
limitations of the pataca exchange markets; restrictions on the
export of the renminbi; our ability to continue to have our
securities traded in the U.S. securities market; and other factors
detailed in the reports filed by Las Vegas Sands Corp. with the
Securities and Exchange Commission. Readers are cautioned not
to place undue reliance on these forward-looking statements, which
speak only as of the date thereof. Las Vegas Sands Corp.
assumes no obligation to update such statements and
information.
Las Vegas Sands Corp.
Fourth Quarter
2022 Results
Non-GAAP Measures
Within the company's fourth quarter and full year 2022 press
release, the company makes reference to certain non-GAAP financial
measures that supplement the company's consolidated financial
information prepared in accordance with GAAP including "adjusted
net income (loss)," "adjusted earnings (loss) per diluted share,"
and "consolidated adjusted property EBITDA," which have directly
comparable GAAP financial measures along with "adjusted property
EBITDA margin," "hold-normalized adjusted property EBITDA,"
"hold-normalized adjusted property EBITDA margin," "hold-normalized
adjusted net income (loss)," and "hold-normalized adjusted earnings
(loss) per diluted share." The company believes these
measures represent important internal measures of financial
performance. Set forth in the financial schedules
accompanying this release and presentations included on the
company's website are reconciliations of the non-GAAP financial
measures to the most directly comparable GAAP financial
measures. The non-GAAP financial measure disclosure by the
company has limitations and should not be considered a substitute
for, or superior to, the financial measures prepared in accordance
with GAAP. The definitions of our non-GAAP financial measures
and the specific reasons why the company's management believes the
presentation of the non-GAAP financial measures provides useful
information to investors regarding the company's financial
condition, results of operations and cash flows are presented
below.
The following non-GAAP financial measures are used by
management, as well as industry analysts, to evaluate the company's
operations and operating performance. These non-GAAP
financial measures are presented so investors have the same
financial data management uses in evaluating financial performance
with the belief it will assist the investment community in properly
assessing the underlying financial performance of the company on a
year-over-year and a quarter sequential basis.
Adjusted net income (loss), which is a non-GAAP financial
measure, is net income (loss) attributable to Las Vegas Sands
excluding certain nonrecurring corporate expenses, pre-opening
expense, development expense, gain or loss on disposal or
impairment of assets, loss on modification or early retirement of
debt, other income or expense and income (loss) from discontinued
operations, net of income tax. Adjusted net income (loss) and
adjusted earnings (loss) per diluted share are presented as
supplemental disclosures as management believes they are (1) each
widely used measures of performance by industry analysts and
investors and (2) a principal basis for valuation of Integrated
Resort companies, as these non-GAAP measures are considered by many
as alternative measures on which to base expectations for future
results. These measures also form the basis of certain
internal management performance expectations.
Consolidated adjusted property EBITDA, which is a non-GAAP
financial measure, is net income (loss) from continuing operations
before stock-based compensation expense, corporate expense,
pre-opening expense, development expense, depreciation and
amortization, amortization of leasehold interests in land, gain or
loss on disposal or impairment of assets, interest, other income or
expense, gain or loss on modification or early retirement of debt
and income taxes. Management utilizes consolidated adjusted
property EBITDA to compare the operating profitability of its
operations with those of its competitors, as well as a basis for
determining certain incentive compensation. Integrated Resort
companies have historically reported adjusted property EBITDA as a
supplemental performance measure to GAAP financial measures.
In order to view the operations of their casinos on a more
stand-alone basis, Integrated Resort companies, including Las Vegas
Sands, have historically excluded certain expenses that do not
relate to the management of specific properties, such as
pre-opening expense, development expense and corporate expense,
from their adjusted property EBITDA calculations.
Consolidated adjusted property EBITDA should not be interpreted as
an alternative to income (loss) from operations (as an indicator of
operating performance) or to cash flows from operations (as a
measure of liquidity), in each case, as determined in accordance
with GAAP. The company has significant uses of cash flow,
including capital expenditures, dividend payments, interest
payments, debt principal payments and income tax payments, which
are not reflected in consolidated adjusted property EBITDA.
Not all companies calculate adjusted property EBITDA in the same
manner. As a result, consolidated adjusted property EBITDA as
presented by Las Vegas Sands may not be directly comparable to
similarly titled measures presented by other companies.
Hold-normalized adjusted property EBITDA, a supplemental
non-GAAP financial measure, that, in addition to the aforementioned
reasons for the presentation of consolidated adjusted property
EBITDA, is presented to adjust for the impact of certain variances
in table games' win percentages, which can vary from period to
period. Hold-normalized adjusted property EBITDA is based on
applying a Rolling Chip win percentage of 3.30% to the Rolling Chip
volume for the quarter if the actual win percentage is outside the
expected range of 3.15% to 3.45% for our Macao and Singapore properties. We do not present
adjustments for Non-Rolling Chip drop for our table games play or
for slots at our Macao and
Singapore properties.
Hold-normalized adjusted property EBITDA is also adjusted for the
estimated gaming taxes, commissions paid, bad debt expense,
discounts and other incentives that would have been incurred when
applying the win percentages noted above to the respective gaming
volumes. The hold-normalized adjusted property EBITDA measure
presents a consistent measure for evaluating the operating
performance of our properties from period to period.
Hold-normalized adjusted net income (loss) and hold-normalized
adjusted earnings (loss) per diluted share are additional
supplemental non-GAAP financial measures that, in addition to the
aforementioned reasons for the presentation of adjusted net income
(loss) and adjusted earnings (loss) per diluted share, are
presented to adjust for the impact of certain variances in table
games' win percentages, which can vary from period to period.
The company may also present the above items on a constant
currency basis. This information is a non-GAAP financial
measure that is calculated by translating current quarter local
currency amounts to U.S. dollars based on prior period exchange
rates. These amounts are compared to the prior period to
derive non-GAAP constant-currency growth/decline. Management
considers non-GAAP constant-currency growth/decline to be a useful
metric to investors and management as it allows a more direct
comparison of current performance to historical performance.
The company also makes reference to adjusted property EBITDA
margin and hold-normalized adjusted property EBITDA margin, which
are calculated using the aforementioned non-GAAP financial
measures.
Exhibit 1
|
Las Vegas Sands Corp.
and Subsidiaries
|
Condensed Consolidated
Statements of Operations
|
(In millions, except
per share data)
|
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
Year Ended
|
|
|
December 31,
|
|
December 31,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Revenues:
|
|
|
|
|
|
|
|
|
Casino
|
|
$
654
|
|
$
651
|
|
$
2,627
|
|
$
2,892
|
Rooms
|
|
154
|
|
104
|
|
469
|
|
415
|
Food and
beverage
|
|
103
|
|
51
|
|
301
|
|
199
|
Mall
|
|
164
|
|
180
|
|
580
|
|
649
|
Convention,
retail and other
|
|
42
|
|
22
|
|
133
|
|
79
|
Net revenues
|
|
1,117
|
|
1,008
|
|
4,110
|
|
4,234
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Resort
operations
|
|
908
|
|
761
|
|
3,411
|
|
3,460
|
Corporate
|
|
68
|
|
42
|
|
235
|
|
211
|
Pre-opening
|
|
2
|
|
4
|
|
13
|
|
19
|
Development
|
|
35
|
|
50
|
|
143
|
|
109
|
Depreciation and
amortization
|
|
256
|
|
266
|
|
1,036
|
|
1,041
|
Amortization of
leasehold interests in land
|
|
13
|
|
14
|
|
55
|
|
56
|
Loss on disposal
or impairment of assets
|
|
1
|
|
9
|
|
9
|
|
27
|
|
|
1,283
|
|
1,146
|
|
4,902
|
|
4,923
|
Operating
loss
|
|
(166)
|
|
(138)
|
|
(792)
|
|
(689)
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
Interest
income
|
|
60
|
|
1
|
|
116
|
|
4
|
Interest
expense, net of amounts capitalized
|
|
(201)
|
|
(152)
|
|
(702)
|
|
(621)
|
Other income
(expense)
|
|
20
|
|
(12)
|
|
(9)
|
|
(31)
|
Loss on modification or
early retirement of debt
|
|
—
|
|
—
|
|
—
|
|
(137)
|
Loss from continuing
operations before income taxes
|
|
(287)
|
|
(301)
|
|
(1,387)
|
|
(1,474)
|
Income tax (expense)
benefit
|
|
18
|
|
(14)
|
|
(154)
|
|
5
|
Net loss from
continuing operations
|
|
(269)
|
|
(315)
|
|
(1,541)
|
|
(1,469)
|
Discontinued
operations:
|
|
|
|
|
|
|
|
|
Income from operations
of discontinued operations, net of tax
|
|
—
|
|
118
|
|
46
|
|
193
|
Gain on disposal of
discontinued operations, net of tax
|
|
—
|
|
—
|
|
2,861
|
|
—
|
Adjustment to gain on
disposal of discontinued operations, net of tax
|
|
(5)
|
|
—
|
|
(9)
|
|
—
|
Income (loss) from
discontinued operations, net of tax
|
|
(5)
|
|
118
|
|
2,898
|
|
193
|
Net income
(loss)
|
|
(274)
|
|
(197)
|
|
1,357
|
|
(1,276)
|
Net loss attributable
to noncontrolling interests
|
|
105
|
|
74
|
|
475
|
|
315
|
Net income (loss)
attributable to Las Vegas Sands Corp.
|
|
$
(169)
|
|
$
(123)
|
|
$
1,832
|
|
$
(961)
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share - basic and diluted:
|
|
|
|
|
|
|
|
|
Net loss from
continuing operations
|
|
$
(0.21)
|
|
$
(0.32)
|
|
$
(1.40)
|
|
$
(1.51)
|
Net income (loss) from
discontinued operations, net of tax
|
|
(0.01)
|
|
0.15
|
|
3.80
|
|
0.25
|
Net income (loss) per
common share
|
|
$
(0.22)
|
|
$
(0.17)
|
|
$
2.40
|
|
$
(1.26)
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding:
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
764
|
|
764
|
|
764
|
|
764
|
Exhibit 2
|
Las Vegas Sands Corp.
and Subsidiaries
|
Net Revenues and
Adjusted Property EBITDA
|
(In
millions)
|
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
Year Ended
|
|
|
December 31,
|
|
December 31,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net
Revenues
|
|
|
|
|
|
|
|
|
The Venetian
Macao
|
|
$
201
|
|
$
272
|
|
$
682
|
|
$ 1,256
|
The Londoner
Macao
|
|
93
|
|
139
|
|
350
|
|
588
|
The Parisian
Macao
|
|
51
|
|
67
|
|
188
|
|
357
|
The Plaza Macao and
Four Seasons Macao
|
|
75
|
|
140
|
|
313
|
|
546
|
Sands Macao
|
|
17
|
|
25
|
|
65
|
|
122
|
Ferry Operations and
Other
|
|
7
|
|
6
|
|
29
|
|
28
|
Macao
Operations
|
|
444
|
|
649
|
|
1,627
|
|
2,897
|
|
|
|
|
|
|
|
|
|
Marina Bay
Sands
|
|
682
|
|
368
|
|
2,516
|
|
1,370
|
Intercompany
Royalties
|
|
29
|
|
17
|
|
107
|
|
83
|
Intersegment
Eliminations(1)
|
|
(38)
|
|
(26)
|
|
(140)
|
|
(116)
|
|
|
$ 1,117
|
|
$ 1,008
|
|
$ 4,110
|
|
$ 4,234
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
|
|
|
|
|
|
|
|
The Venetian
Macao
|
|
$
14
|
|
$
67
|
|
$
(25)
|
|
$
297
|
The Londoner
Macao
|
|
(42)
|
|
(23)
|
|
(189)
|
|
(84)
|
The Parisian
Macao
|
|
(26)
|
|
(14)
|
|
(103)
|
|
(17)
|
The Plaza Macao and
Four Seasons Macao
|
|
26
|
|
63
|
|
81
|
|
219
|
Sands Macao
|
|
(20)
|
|
(17)
|
|
(81)
|
|
(69)
|
Ferry Operations and
Other
|
|
(3)
|
|
(2)
|
|
(7)
|
|
(8)
|
Macao
Operations
|
|
(51)
|
|
74
|
|
(324)
|
|
338
|
|
|
|
|
|
|
|
|
|
Marina Bay
Sands
|
|
273
|
|
177
|
|
1,056
|
|
448
|
|
|
$
222
|
|
$
251
|
|
$
732
|
|
$
786
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA as a Percentage of Net Revenues
|
|
|
|
|
|
|
|
|
The Venetian
Macao
|
|
7.0 %
|
|
24.6 %
|
|
|
|
23.6 %
|
The Londoner
Macao
|
|
|
|
|
|
|
|
|
The Parisian
Macao
|
|
|
|
|
|
|
|
|
The Plaza Macao and
Four Seasons Macao
|
|
34.7 %
|
|
45.0 %
|
|
25.9 %
|
|
40.1 %
|
Sands Macao
|
|
|
|
|
|
|
|
|
Ferry Operations and
Other
|
|
|
|
|
|
|
|
|
Macao
Operations
|
|
|
|
11.4 %
|
|
|
|
11.7 %
|
|
|
|
|
|
|
|
|
|
Marina Bay
Sands
|
|
40.0 %
|
|
48.1 %
|
|
42.0 %
|
|
32.7 %
|
|
|
|
|
|
|
|
|
|
Total
|
|
19.9 %
|
|
24.9 %
|
|
17.8 %
|
|
18.6 %
|
Note:
|
The sale of the Las
Vegas Operating Properties closed on February 23, 2022. The
information for the three months ended December 31, 2021 and for
the years ended December 31, 2022 and 2021, excludes the results of
the Las Vegas Operating Properties, as they are classified as a
discontinued operation.
|
(1)
|
Intersegment
eliminations include royalties and other intercompany
services.
|
Exhibit 3
|
Las Vegas Sands Corp.
and Subsidiaries
|
Non-GAAP Measure
Reconciliation
|
(In
millions)
|
(Unaudited)
|
|
The following is a
reconciliation of Net Loss from Continuing Operations to
Consolidated Adjusted Property EBITDA and Hold-Normalized Adjusted
Property EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year Ended
|
|
|
December 31,
|
|
December 31,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net loss from
continuing operations
|
|
$
(269)
|
|
$
(315)
|
|
$
(1,541)
|
|
$
(1,469)
|
Add
(deduct):
|
|
|
|
|
|
|
|
|
Income tax
expense (benefit)
|
|
(18)
|
|
14
|
|
154
|
|
(5)
|
Loss on
modification or early retirement of debt
|
|
—
|
|
—
|
|
—
|
|
137
|
Other (income)
expense
|
|
(20)
|
|
12
|
|
9
|
|
31
|
Interest
expense, net of amounts capitalized
|
|
201
|
|
152
|
|
702
|
|
621
|
Interest
income
|
|
(60)
|
|
(1)
|
|
(116)
|
|
(4)
|
Loss on
disposal or impairment of assets
|
|
1
|
|
9
|
|
9
|
|
27
|
Amortization of
leasehold interests in land
|
|
13
|
|
14
|
|
55
|
|
56
|
Depreciation
and amortization
|
|
256
|
|
266
|
|
1,036
|
|
1,041
|
Development
expense
|
|
35
|
|
50
|
|
143
|
|
109
|
Pre-opening
expense
|
|
2
|
|
4
|
|
13
|
|
19
|
Stock-based
compensation (1)
|
|
13
|
|
4
|
|
33
|
|
12
|
Corporate
expense
|
|
68
|
|
42
|
|
235
|
|
211
|
Consolidated
Adjusted Property EBITDA
|
|
$
222
|
|
$
251
|
|
$
732
|
|
$
786
|
|
|
|
|
|
|
|
|
|
Hold-normalized
casino revenue (2)
|
|
134
|
|
(15)
|
|
|
|
|
Hold-normalized
casino expense (2)
|
|
(27)
|
|
(2)
|
|
|
|
|
Consolidated
Hold-Normalized Adjusted Property EBITDA
|
|
$
329
|
|
$
234
|
|
|
|
|
Note:
|
The sale of the Las
Vegas Operating Properties closed on February 23, 2022. The
information for the three months ended December 31, 2021 and for
the years ended December 31, 2022 and 2021, excludes the results of
the Las Vegas Operating Properties, as they are classified as a
discontinued operation.
|
(1)
|
During the three months
ended December 31, 2022 and 2021, the company recorded stock-based
compensation expense of $23 million and $10 million, respectively,
of which $10 million and $6 million, respectively, is included in
corporate expense on the company's condensed consolidated
statements of operations. During the years ended December 31,
2022 and 2021, the company recorded stock-based compensation
expense of $70 million and $27 million, respectively, of which $37
million and $15 million, respectively, is included in corporate
expense on the company's condensed consolidated statements of
operations.
|
(2)
|
See Exhibit
4.
|
Exhibit 4
|
Las Vegas Sands Corp.
and Subsidiaries
|
Non-GAAP Measure
Reconciliation
|
(In
millions)
|
(Unaudited)
|
|
The following are
reconciliations of Adjusted Property EBITDA to Hold-Normalized
Adjusted Property EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hold-Normalized
|
|
|
Adjusted
|
|
Hold-Normalized
|
|
Hold-Normalized
|
|
Adjusted
|
|
|
Property
|
|
Casino
|
|
Casino
|
|
Property
|
|
|
EBITDA
|
|
Revenue
(1)
|
|
Expense
(2)
|
|
EBITDA
|
Macao
Operations
|
|
$
(51)
|
|
$
(10)
|
|
$
4
|
|
$
(57)
|
Marina Bay
Sands
|
|
273
|
|
144
|
|
(31)
|
|
386
|
|
|
$
222
|
|
$
134
|
|
$
(27)
|
|
$
329
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hold-Normalized
|
|
|
Adjusted
|
|
Hold-Normalized
|
|
Hold-Normalized
|
|
Adjusted
|
|
|
Property
|
|
Casino
|
|
Casino
|
|
Property
|
|
|
EBITDA
|
|
Revenue
(1)
|
|
Expense
(2)
|
|
EBITDA
|
Macao
Operations
|
|
$
74
|
|
$
24
|
|
$
(9)
|
|
$
89
|
Marina Bay
Sands
|
|
177
|
|
(39)
|
|
7
|
|
145
|
|
|
$
251
|
|
$
(15)
|
|
$
(2)
|
|
$
234
|
Note:
|
The sale of the Las
Vegas Operating Properties closed on February 23, 2022. The
information for the three months ended December 31, 2021, excludes
the results of the Las Vegas Operating Properties, as they are
classified as a discontinued operation.
|
(1)
|
This represents the
estimated incremental casino revenue related to Rolling Chip volume
play that would have been earned or lost had the company's current
period win percentage equaled 3.30%. This calculation will
only be applied if the current period win percentage is outside the
expected range of 3.15% to 3.45%.
These amounts have been
offset by the estimated commissions paid and discounts and other
incentives rebated directly or indirectly to customers.
|
(2)
|
This represents the
estimated incremental expenses (gaming taxes and bad debt expense)
that would have been incurred or avoided on the incremental casino
revenue calculated in (1) above.
|
Exhibit 5
|
Las Vegas Sands Corp.
and Subsidiaries
|
Non-GAAP Measure
Reconciliation
|
(In millions, except
per share data)
|
(Unaudited)
|
|
The following is a
reconciliation of Net Income (Loss) Attributable to LVS to Adjusted
Net Loss and Hold-Normalized Adjusted Net Loss:
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year Ended
|
|
|
December 31,
|
|
December 31,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net income (loss)
attributable to LVS
|
|
$
(169)
|
|
$
(123)
|
|
$
1,832
|
|
$
(961)
|
|
|
|
|
|
|
|
|
|
Pre-opening
expense
|
|
2
|
|
4
|
|
13
|
|
19
|
Development
expense
|
|
35
|
|
50
|
|
143
|
|
109
|
Loss on disposal or
impairment of assets
|
|
1
|
|
9
|
|
9
|
|
27
|
Other (income)
expense
|
|
(20)
|
|
12
|
|
9
|
|
31
|
Loss on modification or
early retirement of debt
|
|
—
|
|
—
|
|
—
|
|
137
|
(Income) loss from
discontinued operations, net of tax
|
|
5
|
|
(118)
|
|
(2,898)
|
|
(193)
|
Income tax impact on
net income adjustments (1)
|
|
(7)
|
|
3
|
|
(26)
|
|
(11)
|
Noncontrolling interest
impact on net income adjustments
|
|
11
|
|
(6)
|
|
—
|
|
(61)
|
Adjusted net loss from
continuing operations attributable to LVS
|
|
$
(142)
|
|
$
(169)
|
|
$
(918)
|
|
$
(903)
|
|
|
|
|
|
|
|
|
|
Hold-normalized casino
revenue (2)
|
|
134
|
|
(15)
|
|
|
|
|
Hold-normalized casino
expense (2)
|
|
(27)
|
|
(2)
|
|
|
|
|
Income tax impact on
hold adjustments (1)
|
|
(19)
|
|
5
|
|
|
|
|
Noncontrolling interest
impact on hold adjustments
|
|
2
|
|
(5)
|
|
|
|
|
Hold-normalized
adjusted net loss from continuing operations attributable to
LVS
|
|
$
(52)
|
|
$
(186)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following is a
reconciliation of Diluted Income (Loss) per Share to Adjusted Loss
per Diluted Share and Hold-Normalized Adjusted Loss per Diluted
Share:
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year Ended
|
|
|
December 31,
|
|
December 31,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Per diluted share of
common stock:
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to LVS
|
|
$
(0.22)
|
|
$
(0.17)
|
|
$
2.40
|
|
$
(1.26)
|
|
|
|
|
|
|
|
|
|
Pre-opening
expense
|
|
—
|
|
0.01
|
|
0.01
|
|
0.02
|
Development
expense
|
|
0.05
|
|
0.07
|
|
0.19
|
|
0.14
|
Loss on disposal or
impairment of assets
|
|
—
|
|
0.01
|
|
0.01
|
|
0.04
|
Other (income)
expense
|
|
(0.03)
|
|
0.02
|
|
0.01
|
|
0.04
|
Loss on modification or
early retirement of debt
|
|
—
|
|
—
|
|
—
|
|
0.18
|
(Income) loss from
discontinued operations, net of tax
|
|
0.01
|
|
(0.15)
|
|
(3.79)
|
|
(0.25)
|
Income tax impact on
net income adjustments
|
|
(0.01)
|
|
—
|
|
(0.03)
|
|
(0.01)
|
Noncontrolling interest
impact on net income adjustments
|
|
0.01
|
|
(0.01)
|
|
—
|
|
(0.08)
|
Adjusted loss per
diluted share from continuing operations
|
|
$
(0.19)
|
|
$
(0.22)
|
|
$
(1.20)
|
|
$
(1.18)
|
|
|
|
|
|
|
|
|
|
Hold-normalized casino
revenue
|
|
0.18
|
|
(0.02)
|
|
|
|
|
Hold-normalized casino
expense
|
|
(0.04)
|
|
—
|
|
|
|
|
Income tax impact on
hold adjustments
|
|
(0.02)
|
|
0.01
|
|
|
|
|
Noncontrolling interest
impact on hold adjustments
|
|
—
|
|
(0.01)
|
|
|
|
|
Hold-normalized
adjusted loss per diluted share from continuing
operations
|
|
$
(0.07)
|
|
$
(0.24)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
diluted shares outstanding
|
|
764
|
|
764
|
|
764
|
|
764
|
(1)
|
The income tax impact
for each adjustment is derived by applying the effective tax rate,
including current and deferred income tax expense, based upon the
jurisdiction and the nature of the adjustment.
|
(2)
|
See Exhibit
4.
|
Exhibit 6
|
Las Vegas Sands Corp.
and Subsidiaries
|
Supplemental
Data
|
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
Year Ended
|
|
|
December 31,
|
|
December 31,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Casino
Statistics:
|
|
|
|
|
|
|
|
|
The Venetian
Macao:
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
2,496
|
|
$
3,679
|
|
$
2,255
|
|
$
4,625
|
Slot machine win per
unit per day (2)
|
|
$
90
|
|
$
156
|
|
$
87
|
|
$
162
|
Average number of
table games
|
|
626
|
|
634
|
|
626
|
|
629
|
Average number of slot
machines
|
|
1,523
|
|
1,368
|
|
1,435
|
|
1,216
|
|
|
|
|
|
|
|
|
|
The Londoner
Macao:
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
1,443
|
|
$
2,600
|
|
$
1,449
|
|
$
2,869
|
Slot machine win per
unit per day (2)
|
|
$
39
|
|
$
92
|
|
$
48
|
|
$
101
|
Average number of
table games
|
|
472
|
|
478
|
|
473
|
|
475
|
Average number of slot
machines
|
|
1,360
|
|
1,155
|
|
1,366
|
|
998
|
|
|
|
|
|
|
|
|
|
The Parisian
Macao:
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
1,528
|
|
$
1,928
|
|
$
1,417
|
|
$
2,793
|
Slot machine win per
unit per day (2)
|
|
$
30
|
|
$
62
|
|
$
29
|
|
$
73
|
Average number of
table games
|
|
269
|
|
273
|
|
269
|
|
270
|
Average number of slot
machines
|
|
1,115
|
|
1,066
|
|
1,110
|
|
960
|
|
|
|
|
|
|
|
|
|
The Plaza Macao and
Four Seasons Macao:
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
2,697
|
|
$
6,506
|
|
$
3,919
|
|
$
7,544
|
Slot machine win per
unit per day (2)
|
|
$
44
|
|
$
46
|
|
$
41
|
|
$
57
|
Average number of
table games
|
|
142
|
|
142
|
|
142
|
|
142
|
Average number of slot
machines
|
|
100
|
|
167
|
|
135
|
|
117
|
|
|
|
|
|
|
|
|
|
Sands Macao:
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
759
|
|
$
1,556
|
|
$
934
|
|
$
2,139
|
Slot machine win per
unit per day (2)
|
|
$
45
|
|
$
44
|
|
$
50
|
|
$
83
|
Average number of
table games
|
|
152
|
|
157
|
|
153
|
|
155
|
Average number of slot
machines
|
|
765
|
|
695
|
|
731
|
|
608
|
|
|
|
|
|
|
|
|
|
Marina Bay
Sands:
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
7,832
|
|
$
3,828
|
|
$
7,849
|
|
$
3,262
|
Slot machine win per
unit per day (2)
|
|
$
757
|
|
$
649
|
|
$
724
|
|
$
756
|
Average number of
table games
|
|
505
|
|
514
|
|
517
|
|
549
|
Average number of slot
machines
|
|
2,891
|
|
1,967
|
|
2,670
|
|
1,913
|
|
|
|
|
|
|
|
|
|
Las Vegas Operating
Properties(3):
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (1)
|
|
|
|
|
|
$
3,355
|
|
$
3,913
|
Slot machine win per
unit per day (2)
|
|
|
|
|
|
$
518
|
|
$
555
|
Average number of
table games
|
|
|
|
|
|
197
|
|
188
|
Average number of slot
machines
|
|
|
|
|
|
1,778
|
|
1,609
|
Note:
|
These casino statistics
exclude slot machines shutdown in 2022 and 2021 due to social
distancing measures implemented as a result of the COVID-19
pandemic. In response to a government mandate, our Macao casinos
were ordered to close from July 11, 2022 to July 22,
2022.
|
(1)
|
Table games win per
unit per day is shown before discounts, commissions, deferring
revenue associated with the company's loyalty programs and
allocating casino revenues related to goods and services provided
to patrons on a complimentary basis.
|
(2)
|
Slot machine win per
unit per day is shown before deferring revenue associated with the
company's loyalty programs and allocating casino revenues related
to goods and services provided to patrons on a complimentary
basis.
|
(3)
|
The sale of the Las
Vegas Operating Properties closed on February 23, 2022. The
Las Vegas Operating Properties are classified as a discontinued
operation.
|
Exhibit 7
|
Las Vegas Sands Corp.
and Subsidiaries
|
Supplemental
Data
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
The Venetian
Macao
|
December 31,
|
|
|
(Dollars in
millions)
|
2022
|
|
2021
|
|
Change
|
Revenues:
|
|
|
|
|
|
Casino
|
$
130
|
|
$
195
|
|
$
(65)
|
Rooms
|
17
|
|
16
|
|
1
|
Food and
Beverage
|
5
|
|
5
|
|
—
|
Mall
|
43
|
|
51
|
|
(8)
|
Convention, Retail and
Other
|
6
|
|
5
|
|
1
|
Net Revenues
|
$
201
|
|
$
272
|
|
$
(71)
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
14
|
|
$
67
|
|
$
(53)
|
EBITDA Margin
%
|
7.0 %
|
|
24.6 %
|
|
(17.6) pts
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
197
|
|
$
890
|
|
$
(693)
|
Rolling Chip Win
%(1)
|
5.56 %
|
|
3.36 %
|
|
2.20
pts
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
491
|
|
$
695
|
|
$
(204)
|
Non-Rolling Chip
Win %
|
27.0 %
|
|
26.6 %
|
|
0.4
pts
|
|
|
|
|
|
|
Slot Handle
|
$
296
|
|
$
466
|
|
$
(170)
|
Slot Hold
%
|
4.2 %
|
|
4.2 %
|
|
— pts
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
50.2 %
|
|
44.2 %
|
|
6.0
pts
|
Average Daily Rate
(ADR)
|
$
145
|
|
$
156
|
|
$
(11)
|
Revenue per Available
Room (RevPAR)
|
$
73
|
|
$
69
|
|
$
4
|
Note:
|
Due to social
distancing measures and travel restrictions as a result of the
COVID-19 pandemic, the property operated at a reduced capacity,
with some operations temporarily closed at various times during
2021 and 2022. Rooms utilized to house team members due to
travel restrictions during 2022 were excluded from the calculation
of hotel statistics above.
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 3.15% to 3.45% (calculated
before discounts, commissions, deferring revenue associated with
the company's loyalty programs and allocating casino revenues
related to goods and services provided to patrons on a
complimentary basis).
|
Las Vegas Sands Corp.
and Subsidiaries
|
Supplemental
Data
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
The Londoner
Macao
|
December 31,
|
|
|
(Dollars in
millions)
|
2022
|
|
2021
|
|
Change
|
Revenues:
|
|
|
|
|
|
Casino
|
$
49
|
|
$
92
|
|
$
(43)
|
Rooms
|
18
|
|
21
|
|
(3)
|
Food and
Beverage
|
7
|
|
8
|
|
(1)
|
Mall
|
12
|
|
13
|
|
(1)
|
Convention, Retail and
Other
|
7
|
|
5
|
|
2
|
Net Revenues
|
$
93
|
|
$
139
|
|
$
(46)
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
(42)
|
|
$
(23)
|
|
$
(19)
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
165
|
|
$
759
|
|
$
(594)
|
Rolling Chip Win
%(1)
|
6.36 %
|
|
2.60 %
|
|
3.76
pts
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
252
|
|
$
408
|
|
$
(156)
|
Non-Rolling Chip
Win %
|
20.7 %
|
|
23.2 %
|
|
(2.5)
pts
|
|
|
|
|
|
|
Slot Handle
|
$
172
|
|
$
254
|
|
$
(82)
|
Slot Hold
%
|
2.9 %
|
|
3.9 %
|
|
(1.0)
pts
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
30.7 %
|
|
41.5 %
|
|
(10.8) pts
|
Average Daily Rate
(ADR)
|
$
171
|
|
$
166
|
|
$
5
|
Revenue per Available
Room (RevPAR)
|
$
52
|
|
$
69
|
|
$
(17)
|
Note:
|
Due to social
distancing measures and travel restrictions as a result of the
COVID-19 pandemic, the property operated at a reduced capacity,
with some operations temporarily closed at various times during
2021 and 2022. Rooms utilized for government quarantine
purposes and to house team members due to travel and quarantine
restrictions during 2021 and 2022 were excluded from the
calculation of hotel statistics above.
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 3.15% to 3.45% (calculated
before discounts, commissions, deferring revenue associated with
the company's loyalty programs and allocating casino revenues
related to goods and services provided to patrons on a
complimentary basis).
|
Las Vegas Sands Corp.
and Subsidiaries
|
Supplemental
Data
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
The Parisian
Macao
|
December 31,
|
|
|
(Dollars in
millions)
|
2022
|
|
2021
|
|
Change
|
Revenues:
|
|
|
|
|
|
Casino
|
$
33
|
|
$
41
|
|
$
(8)
|
Rooms
|
10
|
|
13
|
|
(3)
|
Food and
Beverage
|
3
|
|
4
|
|
(1)
|
Mall
|
5
|
|
9
|
|
(4)
|
Convention, Retail and
Other
|
—
|
|
—
|
|
—
|
Net Revenues
|
$
51
|
|
$
67
|
|
$
(16)
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
(26)
|
|
$
(14)
|
|
$
(12)
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
48
|
|
$
181
|
|
$
(133)
|
Rolling Chip Win
%(1)
|
11.98 %
|
|
(4.77) %
|
|
16.75 pts
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
123
|
|
$
242
|
|
$
(119)
|
Non-Rolling Chip
Win %
|
26.1 %
|
|
23.5 %
|
|
2.6
pts
|
|
|
|
|
|
|
Slot Handle
|
$
85
|
|
$
167
|
|
$
(82)
|
Slot Hold
%
|
3.6 %
|
|
3.6 %
|
|
— pts
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
36.1 %
|
|
50.8 %
|
|
(14.7) pts
|
Average Daily Rate
(ADR)
|
$
117
|
|
$
119
|
|
$
(2)
|
Revenue per Available
Room (RevPAR)
|
$
42
|
|
$
60
|
|
$
(18)
|
Note:
|
Due to social
distancing measures and travel restrictions as a result of the
COVID-19 pandemic, the property operated at a reduced capacity,
with some operations temporarily closed at various times during
2021 and 2022. Rooms utilized for government quarantine
purposes and to house team members due to travel and quarantine
restrictions during 2022 were excluded from the calculation of
hotel statistics above.
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 3.15% to 3.45% (calculated
before discounts, commissions, deferring revenue associated with
the company's loyalty programs and allocating casino revenues
related to goods and services provided to patrons on a
complimentary basis).
|
Las Vegas Sands Corp.
and Subsidiaries
|
Supplemental
Data
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
The Plaza Macao and
Four Seasons Macao
|
December 31,
|
|
|
(Dollars in
millions)
|
2022
|
|
2021
|
|
Change
|
Revenues:
|
|
|
|
|
|
Casino
|
$
26
|
|
$
65
|
|
$
(39)
|
Rooms
|
9
|
|
11
|
|
(2)
|
Food and
Beverage
|
3
|
|
5
|
|
(2)
|
Mall
|
37
|
|
59
|
|
(22)
|
Net Revenues
|
$
75
|
|
$
140
|
|
$
(65)
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
26
|
|
$
63
|
|
$
(37)
|
EBITDA Margin
%
|
34.7 %
|
|
45.0 %
|
|
(10.3) pts
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
177
|
|
$
386
|
|
$
(209)
|
Rolling Chip Win
%(1)
|
1.34 %
|
|
1.97 %
|
|
(0.63) pts
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
144
|
|
$
265
|
|
$
(121)
|
Non-Rolling Chip
Win %
|
22.7 %
|
|
29.1 %
|
|
(6.4)
pts
|
|
|
|
|
|
|
Slot Handle
|
$
5
|
|
$
13
|
|
$
(8)
|
Slot Hold
%
|
8.4 %
|
|
5.3 %
|
|
3.1
pts
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
31.0 %
|
|
43.9 %
|
|
(12.9) pts
|
Average Daily Rate
(ADR)
|
$
453
|
|
$
437
|
|
$
16
|
Revenue per Available
Room (RevPAR)
|
$
140
|
|
$
192
|
|
$
(52)
|
Note:
|
Due to social
distancing measures and travel restrictions as a result of the
COVID-19 pandemic, the property operated at a reduced capacity,
with some operations temporarily closed at various times during
2021 and 2022. Rooms utilized to house team members due to
travel restrictions during 2021 and 2022 were excluded from the
calculation of hotel statistics above.
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 3.15% to 3.45% (calculated
before discounts, commissions, deferring revenue associated with
the company's loyalty programs and allocating casino revenues
related to goods and services provided to patrons on a
complimentary basis).
|
Las Vegas Sands Corp.
and Subsidiaries
|
Supplemental
Data
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
Sands
Macao
|
December 31,
|
|
|
(Dollars in
millions)
|
2022
|
|
2021
|
|
Change
|
Revenues:
|
|
|
|
|
|
Casino
|
$
14
|
|
$
21
|
|
$
(7)
|
Rooms
|
1
|
|
3
|
|
(2)
|
Food and
Beverage
|
1
|
|
1
|
|
—
|
Mall
|
—
|
|
—
|
|
—
|
Convention, Retail and
Other
|
1
|
|
—
|
|
1
|
Net Revenues
|
$
17
|
|
$
25
|
|
$
(8)
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
(20)
|
|
$
(17)
|
|
$
(3)
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
30
|
|
$
120
|
|
$
(90)
|
Rolling Chip Win
%(1)
|
2.34 %
|
|
3.65 %
|
|
(1.31) pts
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
56
|
|
$
91
|
|
$
(35)
|
Non-Rolling Chip
Win %
|
17.6 %
|
|
19.8 %
|
|
(2.2)
pts
|
|
|
|
|
|
|
Slot Handle
|
$
93
|
|
$
140
|
|
$
(47)
|
Slot Hold
%
|
3.4 %
|
|
2.0 %
|
|
1.4
pts
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
44.1 %
|
|
67.0 %
|
|
(22.9) pts
|
Average Daily Rate
(ADR)
|
$
151
|
|
$
139
|
|
$
12
|
Revenue per Available
Room (RevPAR)
|
$
67
|
|
$
93
|
|
$
(26)
|
Note:
|
Due to social
distancing measures and travel restrictions as a result of the
COVID-19 pandemic, the property operated at a reduced capacity,
with some operations temporarily closed at various times during
2021 and 2022. Rooms utilized to house team members due to
travel and quarantine restrictions during 2022 were excluded from
the calculation of hotel statistics above.
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 3.15% to 3.45% (calculated
before discounts, commissions, deferring revenue associated with
the company's loyalty programs and allocating casino revenues
related to goods and services provided to patrons on a
complimentary basis).
|
Las Vegas Sands Corp.
and Subsidiaries
|
Supplemental
Data
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
Marina Bay
Sands
|
December 31,
|
|
|
(Dollars in
millions)
|
2022
|
|
2021
|
|
Change
|
Revenues:
|
|
|
|
|
|
Casino
|
$
402
|
|
$
237
|
|
$
165
|
Rooms
|
99
|
|
40
|
|
59
|
Food and
Beverage
|
84
|
|
28
|
|
56
|
Mall
|
67
|
|
49
|
|
18
|
Convention, Retail and
Other
|
30
|
|
14
|
|
16
|
Net Revenues
|
$
682
|
|
$
368
|
|
$
314
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
273
|
|
$
177
|
|
$
96
|
EBITDA Margin
%
|
40.0 %
|
|
48.1 %
|
|
(8.1)
pts
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
7,093
|
|
$
1,318
|
|
$ 5,775
|
Rolling Chip Win
%(1)
|
1.24 %
|
|
6.32 %
|
|
(5.08) pts
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
1,450
|
|
$
814
|
|
$
636
|
Non-Rolling Chip
Win %
|
19.0 %
|
|
12.0 %
|
|
7.0
pts
|
|
|
|
|
|
|
Slot Handle
|
$
4,750
|
|
$
2,876
|
|
$ 1,874
|
Slot Hold
%
|
4.2 %
|
|
4.1 %
|
|
0.1
pts
|
|
|
|
|
|
|
Hotel Statistics
(2)
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
98.3 %
|
|
79.1 %
|
|
19.2
pts
|
Average Daily Rate
(ADR)
|
$
550
|
|
$
259
|
|
$
291
|
Revenue per Available
Room (RevPAR)
|
$
541
|
|
$
205
|
|
$
336
|
Note:
|
Due to social
distancing measures and travel restrictions as a result of the
COVID-19 pandemic, the property operated at a reduced capacity,
with some operations temporarily closed at various times during
2021.
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 3.15% to 3.45% (calculated
before discounts, commissions, deferring revenue associated with
the company's loyalty programs and allocating casino revenues
related to goods and services provided to patrons on a
complimentary basis).
|
(2)
|
During the three months
ended December 31, 2022, approximately 500 rooms were under
construction for renovation purposes.
|
Las Vegas Sands Corp.
and Subsidiaries
|
Supplemental Data -
Asian Retail Mall Operations
|
(Unaudited)
|
|
|
|
For The Three Months
Ended December 31, 2022
|
|
TTM
December 31,
2022
|
(Dollars in millions
except per square foot data)
|
|
Gross
Revenue(1)
|
|
Operating
Profit
|
|
Operating
Profit Margin
|
|
Gross
Leasable Area (sq. ft.)
|
|
Occupancy
% at End of
Period
|
|
Tenant Sales
Per Sq. Ft.(2)
|
Shoppes at
Venetian
|
|
$
43
|
|
$
38
|
|
88.4 %
|
|
813,832
|
|
81.0 %
|
|
$
932
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at Four
Seasons
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxury
Retail
|
|
25
|
|
23
|
|
92.0 %
|
|
129,932
|
|
100.0 %
|
|
5,546
|
Other Stores
|
|
12
|
|
10
|
|
83.3 %
|
|
118,742
|
|
86.7 %
|
|
1,612
|
Total
|
|
37
|
|
33
|
|
89.2 %
|
|
248,674
|
|
93.6 %
|
|
3,806
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at
Londoner
|
|
12
|
|
9
|
|
75.0 %
|
|
610,238
|
|
54.7 %
|
|
1,139
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at
Parisian
|
|
5
|
|
3
|
|
60.0 %
|
|
296,322
|
|
67.6 %
|
|
338
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Cotai Strip in
Macao
|
|
97
|
|
83
|
|
85.6 %
|
|
1,969,066
|
|
72.4 %
|
|
1,421
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Shoppes at Marina
Bay Sands
|
|
67
|
|
61
|
|
91.0 %
|
|
622,007
|
|
99.5 %
|
|
2,596
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
164
|
|
$
144
|
|
87.8 %
|
|
2,591,073
|
|
78.9 %
|
|
$
1,801
|
Note:
|
This table excludes the
results of our mall operations at Sands Macao. As a result of
the COVID-19 pandemic, tenants were provided rent concessions of $9
million at our Macao properties.
|
(1)
|
Gross revenue figures
are net of intersegment revenue eliminations.
|
(2)
|
Tenant sales per square
foot reflect sales from tenants only after the tenant has been open
for a period of 12 months.
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/las-vegas-sands-reports-fourth-quarter-2022-results-301730873.html
SOURCE Las Vegas Sands Corp.